Stocks in New York were gapping lower out of the gate Thursday after a mix of tech earnings, including a surprise early release from
, as well more dismal jobs and housing figures.
Dow Jones Industrial Average
was down 131 points at 8097, and the
was off by 16 points at 824. The
was losing 40 points to 1467.
Financials led a market reversal Wednesday, providing 3% and 4% gains in the major indices.
Bank of America
added 31% apiece, with
tacking on 25%.
said its first-quarter profit increased 2%, topping analysts' expectations, with quarterly sales also ahead of projections.
, however, posted its first year-over-year quarterly loss in the company's history.
Not helping things, shares of
were trading lower Thursday in the premarket after an earlier-than-expected release of its results. Microsoft will cut 5,000 jobs in an adjustment to economic decay and uncertainty. The company said it is unable to provide earnings and revenue guidance for the remainder of the year.
are set to air their figures after the close.
A new slate of economic data was also playing on the market early Thursday:
Initial jobless claims increased to 589,000 from 527,000 a week prior, and above the consensus of 543,000. The recent figure matches a 26-year high reached four weeks ago, dating back to November 1982.
The U.S. Census Bureau said Wednesday that building permits decreased to 549,000 in December from 615,000 a month prior, and below expectations for 600,000. Housing starts declined to 550,000 from 651,000 a month earlier and vs. expectations for 605,000.
Builders broke ground on just more than 904,000 housing units in 2008, a record low that represents a 33.3% decline from 2007.
Looking elsewhere, longer-dated Treasuries were rising; the 10-year note was recently up 9.5/32 to yield 2.5%, the 30-year was rising 16/32, yielding 3.1%.
In commodities, oil prices were falling 59 cents, to $42.96. Gold was also edging down 50 cents $849.60 an ounce. The dollar was stronger against the pound and euro, and weaker against the yen.
Stocks overseas were showing modest promise. The FTSE in London and the DAX in Frankfurt marginally higher, while Japan's Nikkei Hong Kong's Hang Seng again ended with slight gains.
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